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Filta Group acquires Watbio for a consideration of £6.9m

Filtafry crop
FiltaFry now has 422 mobile cooking oil filtration units in operation.

Filta has entered into a conditional agreement to acquire Watbio Holdings, provider of grease and drain management solutions to commercial kitchens in the UK.

The acquisition of the firm follows positive half year results in August which were helped by the integration of FOG management service provider, GMG, last year.

This agreement, for £6.9m, is subject to adjustment for working capital movements of up to a maximum of a further £1.2m.

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The consideration will then be payable in two portions followed by a final payment to take account of any increase in the working capital between September 30 and the date of completion.

This will be satisfied as to £0.8m by the issue of 400,000 new ordinary shares in Filta to vendors and by the payment of up to £7.3m in cash.

In August, Filta revealed its revenue and profit for the first half of 2018 was in line with its expectations.

The group reported that it had enjoyed strong trading in the first half of the year, reflecting revenue growth from new franchisees added in the latter part of last year.

It put UK positivity down to an increasing contribution from FOG management service provider GMG, which was acquired in 2017.

It also referenced the smooth acquisition and integration of the master franchise, FiltaFry Deutschland as part of the positivity.

Read the full story on Filta Group’s first half of 2018 here:

Filta’s refrigeration divestment pushes up profits

Tags : acquisitionfilta groupfilta refrigeration
Alex Douglas

The author Alex Douglas

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